EVOEstate description:

we believe this is highly illiquid deal, at least in the Baltics:

1. Let’s take a look at the statistics, our friends at Vartus.eu have informed me that for such parameters:

150 square meters (which costs more than 4K euro/ sq. m) old construction has sold only 5 units in 2018 in Riga.

And for+200 square meters (which costs more than 4K euro/ sq. m) old construction has also sold only 5 units in 2018 in Riga.

2. There was already a property for sale in this building back from 2017 - https://www.city24.lv/lv/nekustamais-ipasums/1015933 . The owner wasn’t able to sell it and currently this aparmtent is rented out until 2020 March.

3. Also when I was talking to Sotheby’s they’ve told me that they have another 3 apartments (230 sq m) for sale in that building and a few for rent this is an example online: https://lv.balticsothebysrealty.com/en/real-estate/rent-apartment-riga-ausekla-iela-124048/

Bulkestate description:

Object

The mortgaged property is located on Ausekla street in one of the most prestigious residential areas of Riga. While located in the very centre of Riga, the area is quiet, elegant and surrounded with the marvellous Art Noveau buildings.

The investment object consists of two luxurious apartments that are located in one of the most highly esteemed residential building - Aleksandra Apartments (https://aleksandraapartments.com). The elegant embassy district, peaceful and historic atmosphere, the dock for passenger ships and the Riga Yacht Club are all in the walking distance from the property. Perfectionism and uniqueness that is reflected in every detail of the building are what sets the property apart from any other offers in the market.

The house was built in 1900 but was fully renovated in 2010 with a completely newly built internal infrastructure that includes 24/7 security, concierge services, club facilities for various events, a fitness centre, a fully automated car park, room for bicycles and motorcycles. The property is located in the prestigious embassy district, which is found on the UNESCO World Cultural Heritage list. The historic design and modern technology is a unique example of how these two relatively different things can be combined together nowadays in a beautiful and classical style. The building is built in late Eclecticism style and its architect is a well-known Rudolf Zirkwitz.

The surrounding buildings consist mainly of renovated, pre-war buildings, the first floors of which are commercial areas, and on the higher floors of the buildings - exclusive apartments.

Project provided by: